Saudi Arabia quoted Investment Minister Khalid Falih as saying that Saudi Arabia’s economic output reached 6.4 trillion riyals (1.71 trillion US dollars). It talks about the Kingdom's economic development strategy by 2030. Compared with the current 650 billion riyals, the Kingdom’s goal is to increase the total annual investment to more than 2 trillion riyals by 2030.

Al-Falih said that Saudi Arabia plans to increase the investment rate from the current 22% to 30% and seeks to achieve the 10% GDP target. The minister stated that this leap requires strengthening the capacity of the private sector by providing a comprehensive investment environment in the Kingdom. The kingdom will establish five economic zones, including part of the King Abdullah Economic City in Rabigh, to fence and provide special incentives, including some exceptions to legislation compatible with international agreements.

The statement was issued after the release of the National Investment Strategy, which aims to increase the net foreign direct investment inflows into Saudi Arabia to 388 billion riyals ($103.5 billion) per year by 2030. This strategy will contribute to the growth and diversification of the Kingdom’s economy, thereby achieving the 2030 goals, including increasing the private sector’s contribution to GDP to 65%, while increasing the contribution of foreign investment to GDP to 5.7%. The World Bank revised Saudi Arabia’s economic growth forecast in 2022 from 3.3% to 4.9%. Its October Economic Update in the Middle East and North Africa stated that after OPEC+ cuts production to December 2021, the Kingdom's economic growth will be driven to a certain extent by the sharp rebound of the oil industry in 2022. Engineering construction, engineering news

The World Bank report raised Saudi Arabia’s export growth from 4.7% to 9.6%, an increase of more than twice. The Kingdom’s industrial output is expected to increase by 5.4%, higher than the 2.4% forecast in April. Increasing vaccination rates, removing related restrictions, and restoring religious tourism may increase Saudi non-oil production, which is expected to increase by 4% and 3.3% in 2021 and 2022, respectively.Editor/XingWentao、Design/XiaChangwang